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BRIEF-Russian retailer O'Key Group widens net loss in H1
August 29, 2017 / 12:08 PM / 3 months ago

BRIEF-Russian retailer O'Key Group widens net loss in H1

Aug 29 (Reuters) - Russian food retailer O‘Key Group says:

* H1 net loss totalled 1.478 billion roubles ($25.16 million) (H1 2016: net loss of 786 million roubles);

* Net loss was primarily triggered by a change in the fair value of the company’s assets held for sale on the back of the closure of an inefficient hypermarket in Q2, one-off expenses and a foreign exchange loss;

* H1 earnings before interest, taxation, depreciation and amortisation (EBITDA) up 9.4 percent year-on-year at 3.650 billion roubles (H1 2016: 3.336 bln roubles);

* H1 EBITDA margin at 4.2 percent (H1 2016: 4.0 pct);

* Reiterates guidance for 7-8 percent EBITDA margin in the next three years and low single-digit growth in 2017 revenues;

* Expects to improve overall like-for-like (LFL) performance in H2, after LFL net retail revenue decreased by 2.5 percent year-on-year in the first half. Source text for Eikon: Further company coverage: ($1 = 58.7373 roubles) (Reporting by Moscow Newsroom)

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